Help for those going through bankruptcy to lower the cash outlay to keep the vehicles that they need

PRLog (Press Release) - Oct. 18, 2011 - Bankruptcy trustees have in the past determined the value of a debtor’s car by using the average of the wholesale and retail value in the NADA car book (the yellow book) or Kelley Blue Book.  Car values constantly fluctuate The NADA book cannot keep pace with ever changing car and truck  values. Bankruptcy trustees are encouraging debtors to get appraisals from certified appraisers specializing in vehicle appraisals that take in the true condition of the vehicle and the current fair market value. The Trustees are accepting these appraisals in lieu of the NADA or Kelley Blue Book values.

A bankruptcy attorney recently recounted this story, "one of my clients filed a bankruptcy petition on which he valued a used car at $3,000. There was no lien on the car. The car had, therefore, $2,000 of non-exempt equity. At the creditors meeting the Trustee encouraged the debtor to get a current appraisal. The next day the debtor obtained an appraisal of $500 for the same car. Bankruptcy debtors should get market appraisals for their cars before filling out bankruptcy petitions. Your bankruptcy attorney is not a car valuation expert, and he is unlikely to change your valuation of your vehicle".

Bankruptcy is about getting a fresh start and regaining control of your financial future, the more cash you can save by doing this simple move.

To get your vehicles appraised, simply call or email Bryan Worley, CAGA Senior Appraiser who can easily setup a time for you 330-949-7653

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